Di Napoli warns tax receipts continue to fall behind

Monday, December 19, 2011 - 02:03 PM

The State Comptroller Thomas DiNapoli's office warned again today that New York's tax collection efforts continue to lag behind projections. According to DiNapoli, the state is nearly $72 million behind estimates.

“Financial sector downsizing, as well as lower profits and bonuses on Wall Street, may result in lower than expected state revenues over the next several months," the Comptroller said in a statement. "The Personal Income Tax (PIT) actions taken by the governor and the Legislature this month should reduce projected deficits in the near-term, but balancing next year’s budget will again be a struggle, and current conditions add risk to the upcoming state budget."

DiNapoli said his office was projected lower tax returns for the next two years. Governor Andrew Cuomo's office had projecting a shortfall of $350 million for the current fiscal year, and an additional shortfall of as much as $3.5 billion next year. The tax reform package put together earlier this month reduced the estimated shortfall by $1.9 billion.


More in:

Leave a Comment

Email addresses are required but never displayed.

Get the WNYC Morning Brief in your inbox.
We'll send you our top 5 stories every day, plus breaking news and weather.


"The Capitol Pressroom" with Susan Arbetter at 11 am

For show archives, please visit The Capitol Bureau's website here.

About The Empire

Everything you need to know about New York politics and governance. We aim for a ground-up approach to politics, reverse engineered to make the effect just as important as the players and the game they play. From the Long Island to The Thousand Islands, New York City Hall to the Capitol Building, The Empire's got you covered.

Check out WNYC's 2013 Mayor Tracker--the one-stop shop for info about the candidates, issues and trends in the upcoming New York City mayoral election.


Our Reporters


Supported by